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2661 CYPRUS DRIVE
About This Property
From the moment you enter, the property opens to panoramic water views, mature trees, and the serene ambiance of lakeside living.
Enjoy effortless boating access with a 6,000 lb Deco lift, open dock with electric and water. Not to mention endless recreation right from your backyard, including freshwater fishing, water skiing, and boating.
This rare parcel combines natural beauty with true usability, an expansive, level canvas ideal for a custom waterfront home. The lot includes a recent Survey and Geotechnical Report, further streamlining construction.
Cattail removal has already been completed. The permit will convey with the property and remains valid for three years, easing future improvements and usability.
Located in unincorporated Palm Harbor, the property offers exceptional flexibility and convenient access to top rated Palm Harbor schools, Honeymoon Island, Downtown Dunedin, and Downtown Tarpon Springs, while maintaining the feel of a private lakeside retreat.
The homesite itself is already established and positioned to maximize views, usability, and long-term value, removing the guesswork typically associated with raw land. This canvas is where your long imagined vision comes to life.
All showings and visits must be scheduled in advance. Please do not enter the property without prior authorization.
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Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 19, 2026 | Sold | ||
| Sold | |||
| Sep 20, 2026 | In contract | - | |
| In contract | |||
| Apr 18, 2026 | Price Decreased |
$999,000
↓ $191K
(16.1%) | |
| Price Decreased | |||
| Feb 19, 2026 | Price Decreased |
$1,190,000
↓ $200K
(14.4%) | |
| Price Decreased | |||
| Dec 25, 2025 | Listed by SOUTHERN LIFE REALTY | $1,390,000 | |
| Listed by SOUTHERN LIFE REALTY | |||
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017